JinkoSolar Holding (NYSE:JKS) disclosed preliminary full-year 2025 results for its majority-owned subsidiary, Jiangxi Jinko, today, revealing the deep financial toll of the ongoing solar industry "price war."
The subsidiary, which represents Jinko’s core manufacturing operations in China, swung to a preliminary net loss of RMB6.79 billion ($941 million), a staggering reversal from the RMB98.9 million profit recorded in 2024.
Revenue for the unit fell 29.18% year-over-year to RMB65.49 billion.
The decline was driven primarily by a collapse in the selling prices of solar modules and cells, as massive capacity expansions across the sector outpaced global demand growth.
The subsidiary’s operating loss reached RMB9.11 billion, reflecting a "weighted average" return on equity (ROE) of -23.49%.
While these figures—prepared under PRC GAAP—are preliminary and unaudited, they serve as a stark warning for JinkoSolar’s upcoming consolidated U.S. GAAP report.
JinkoSolar holds a 55.59% stake in Jiangxi Jinko, meaning over half of these losses will be attributable to the parent company's bottom line.
Despite the heavy losses, JinkoSolar continues to lead the market in shipments, reaching a cumulative 350 GW delivery milestone earlier this year.